Cobalt has advised Luminor Bank on its inaugural issue of covered bonds, with an aggregate nominal value of EUR 500 million. The covered bonds are to be listed on the Euronext Dublin Stock Exchange.
According to Cobalt, this marks the "first-ever issue of covered bonds in the Baltic region," and the firm reports that, "due to strong demand for the covered bonds and the low euro interest rates, the final yield ended up at -0.18%."
The covered bonds were issued as part of Luminor’s Euro Mid-Term Note Programme and are covered by claims arising from mortgage loans issued by Luminor in Estonia.
Cobalt’s team consisted of Partner Marina Kotkas, Senior Associate Mattias Tammeaid, Managing Associate Monika Koolmeister, and Associates Sven Bottcher and Peep Vahi.